GBPUSD Daily Analysis – August 17, 2018

GBPUSD remains in the downtrend from 1.3213, the bounce from 1.2661 is likely consolidation for the downtrend. Further decline is still possible after the consolidation and next target would be at 1.2600. Key resistance is at 1.2827, a break of this level would indicate that the downside movement had completed at 1.2661 already, then the following corrective rebound could bring the price back towards the falling trend line on the 4-hour chart.

GBPUSD 4-hour chart